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AeroVironment, Inc. (AVAV)

  • Wed, Mar. 4, 2:27 PM
    • Up AH yesterday after missing FQ3 revenue estimates, beating EPS estimates, and reiterating FY15 guidance, AeroVironment (NASDAQ:AVAV) is now off sharply. Shares are less than $1 above a 52-week low of $24.73.
    • On the CC (transcript), CEO Tim Conver stated AeroVironment doesn't expect a decision regarding a Phase III contract  for DARPA's TERN program until FY16; AeroVironment won a $19M Phase II TERN contract for a maritime UAV system last October.
    • A couple of analysts quizzed the company in the Q&A about R&D spending, which is currently behind plan. Conver: "We're trying to play catch up in Q4."
    • SA author AtonRa Partners likes the FQ3 numbers, albeit while cautioning FY16 "could be another transition year with limited revenue momentum and still high R&D investments pressuring earnings," given major new projects aren't expected to contribute meaningfully in the near-term. "[W]e are confident AeroVironment will build a leading position over the years in commercial drones. But admittedly, the short term is likely to remain unexciting."
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  • Tue, Mar. 3, 5:24 PM
    • In spite of its FQ3 revenue miss, AeroVironment (NASDAQ:AVAV) is reiterating FY15 (ends April '15) revenue guidance of $250M-$270M; consensus is at $258.2M.
    • Funded backlog at the end of FQ3 was $89.3M, down from $125.2M at the end of FQ2 (seasonality) and $95.5M a year earlier.
    • Driving the EPS beat: Gross margin was 39%; up from FQ2's 34% and flat Y/Y; by contrast GM fell 300 bps Y/Y in FQ2. GAAP SG&A spend rose by $100K Y/Y to $13.3M; R&D rose by $3.4M to $8.6M.
    • UAV division revenue rose 1% Y/Y to $58M; EV charging division revenue fell 12% to $10.4M.
    • AVAV +1.6% AH to $28.55.
    • FQ3 results, PR
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  • Tue, Mar. 3, 4:28 PM
    • AeroVironment (NASDAQ:AVAV): FQ3 EPS of $0.10 beats by $0.04.
    • Revenue of $68.4M (-1.2% Y/Y) misses by $1.11M.
    • Press Release
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  • Mon, Mar. 2, 5:35 PM
  • Wed, Feb. 18, 8:58 AM
    • As a step toward providing allied nations with weapons, the U.S. government has established a policy that will permit the widespread export of armed drones for the first time.
    • Under the new rules, foreign governments' requests for drones will be examined on a case-by-case basis, while recipient nations must agree to certain "end-use assurances."
    • To date, the U.S. has sold its armed drones only to Britain. Unarmed military drones, used primarily for intelligence, have been sold to several countries, including France and Italy.
    • The shift in policy comes just days after the FAA proposed rules that would lift some restrictions on drones for commercial use.
    • Related stocks: AVAV, NOC, TXT, LMT, LLL, RTN, BA, SAIC, GD, OA, COL, UTX
  • Thu, Feb. 5, 6:47 PM
    • Jikun Kim, AeroVironment's (NASDAQ:AVAV) CFO since 2010, has resigned to "pursue other business opportunities." Finance VP Teresa Covington has been named interim CFO.
    • The UAV maker insists Kim's departure is "unrelated to any issues regarding financial disclosures, accounting or legal matters."
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  • Nov. 26, 2014, 12:49 PM
  • Nov. 25, 2014, 5:42 PM
    • Top gainers, as of 5:15 p.m.: PHMD +13.2%. VEEV +8.9%. BLOX +7.6%. CPE +3.8%. ANGI +2.7%.
    • Top losers, as of 5:15 p.m.: VNET -14.5%. IQNT -4.6%. SNC -4.4%. UCI -3.3%. AVAV -3.2%.
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  • Nov. 25, 2014, 5:37 PM
    • AeroVironment (NASDAQ:AVAV) still expects FY15 (ends April '15) revenue of $250M-$270M (in-line with a $258.6M consensus) and gross margin of 34.5%-37.5%.
    • Funded backlog totaled $125.2M at the end of FQ2, up from $82M at the end of FQ1 but down from $133.8M a year earlier.
    • UAV division revenue fell 23% Y/Y to $43M; EV charging division revenue rose 9% to $9.6M.
    • Gross margin fell to 34% from 37%. GAAP SG&A spend rose 3% Y/Y to $13.5M; R&D spend rose 24% to $8.5M.
    • FQ2 results, PR
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  • Nov. 25, 2014, 4:37 PM
    • AeroVironment (NASDAQ:AVAV): FQ2 EPS of -$0.13 misses by $0.02.
    • Revenue of $52.67M (-18.8% Y/Y) misses by $1.97M.
    • Press Release
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  • Nov. 24, 2014, 5:35 PM
  • Oct. 8, 2014, 10:20 AM
    • DARPA has selected AeroVironment (AVAV -0.2%) to follow its successful phase I maritime unmanned aircraft system concept design with a phase II preliminary design for the Tactically Exploited Reconnaissance Node program.
    • The 12-month, $19M phase II contract seeks to conclude with subscale flight demonstrations prior to a planned phase III award decision.
  • Sep. 30, 2014, 9:57 AM
    • AeroVironment (AVAV -1%) has received three firm fixed-price orders from the U.S. Army totaling $27M for RQ-11B Raven and RQ-20A Puma unmanned aircraft systems spare parts.
    • The latest orders increase the total value of orders for Raven and Puma AE UAS spare parts and Raven upgrades received since May 2014 to $77.6M.
  • Sep. 24, 2014, 1:07 PM
    • The U.S. Marine Corps has placed a $21.8M order for AeroVironment's (AVAV +2.5%) RQ-12 Wasp AE UAVs and related spares packages.
    • The Marines plan to use the RQ-12 as a short-range UAV solution, complementing AeroVironment's RQ-11B Raven and RQ-20A Puma systems; the latter acts as a long-range solution.
    • AeroVironment had an $82M funded backlog at the end of its July quarter, up from $76.9M a year earlier.
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  • Sep. 3, 2014, 5:35 PM
    • Top gainers, as of 5:15 p.m.: TIBX +7.9%. BV +5.3%. PVH +5.1%. IO +3.5%. MHGC +3.1%.
    • Top losers, as of 5:15 p.m.: MTRX -15.9%. SCVL -7.9%. AVAV -5.9%. SONC -3.8%. YUM -3.5%.
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  • Sep. 3, 2014, 5:20 PM
    • AeroVironment (NASDAQ:AVAV) is reiterating guidance for FY15 (ends April '15) revenue of $250M-$270M; consensus is at $258.3M. Gross margin guidance of 34.5%-37.5% is also affirmed.
    • In spite of 18% Y/Y revenue growth, gross margin fell 110 bps in FQ1 to 27.2%, pressuring EPS. AeroVironment says a contract termination cost settlement and higher service contract costs took a toll.
    • Funded backlog totaled $82M at the end of FQ1, up from $65.9M at the end of FQ4 and $76.9M a year ago.
    • FQ1 UAV division sales +17% Y/Y to $41.2M; EV charging system division sales +20% to $10.7M. GAAP SG&A spend +7% Y/Y to $13.4M; R&D spend -1% to $7.1M.
    • FQ1 results, PR
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Company Description
AeroVironment Inc is engaged in the design, develop, produce, support and operate a technological portfolio of products and services. It supplies unmanned aircraft systems, UAS, tactical missile systems and related services within the US DoD.